Instagram is now worth a whopping $100 billion
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Instagram is cracking down on third-party apps by limiting their access to users' data. (Reuters)
A picture is worth a thousand words, and Instagram is now worth $100 billion.
The social network, which Facebook purchased in 2012 for a then-stunning $1 billion, has increased its value 100-fold, according to Bloomberg estimates.
Instagram last week revealed that it had surpassed the 1 billion user mark for the first time and will likely see its revenue top $10 billion in 2019, according to Bloomberg Intelligence.
{{#rendered}} {{/rendered}}The photo/video-sharing site has become the top social network among teen users and is on track to surpass 2 billion users by 2023.
The new valuation comes less than a week after Instagram announced IGTV, a platform that will allow high-profile users to post videos of up to an hour long.
Instagram earlier capped video posts at 60 seconds.
{{#rendered}} {{/rendered}}Shares of Facebook, led by CEO Mark Zuckerberg, fell 2.7 percent, to $196.35.
This story originally appeared in the New York Post.